Four top oil producers agree on output freeze for stable prices

Doha, Feb 17 (IANS) Four top global oil producers agreed on Tuesday to freeze oil production in order to boost the slumping oil prices.

The agreement followed a meeting in Doha between the energy ministers of Qatar, Saudi Arabia, Venezuela and Russia, Xinhua reported.

Mohammed bin Saleh Al Sada, also the Organisation of the Petroleum Exporting Countries (OPEC) president, said at a press conference that the four ministers “agreed to freeze the production at January level provided that other major producers follow suit”.

He described the meeting as “successful” which reviewed the current situation of the global oil market amid oversupply, stressing that “this step is meant to stabilise the market”.

Al Sada said intensive talks will start with the OPEC members and non-cartel producers, including Iraq and Iran, in a bid to stabilise oil market and benefit oil producers as well as the global economy.